EXHIBIT 10.12
FIRST AMENDMENT AND EXTENSION
TO
JUNE 15, 2007
GLOBAL GOLD CORPORATION– JAN
DULMAN
EMPLOYMENT AGREEMENT
AMENDMENT entered on August 11, 2009 and
effective as of the 1 st day of August, 2009 between Global Gold
Corporation, a Delaware corporation (the "Company"), and Jan Dulman
(the "Employee") to the Employment Agreement between the parties
dated as of June 15, 2007 (the "Agreement").
W I T N E S
S E T H :
WHEREAS, the Company has employed the Employee
as Chief Financial Officer and needs to
retain the active service of the Employee in light of
the Company’s obligations and in light of other
considerations;
WHEREAS, the Corporation and the Employee desire
to enter into an amendment and extension of the Agreement on the
terms and conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto agree as
follows:
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CHANGE IN
TERM OF AGREEMENT . The
term of the Agreement is hereby extended until July 31, 2012 and
Section 2 of the Agreement is hereby amended to read as
follows:
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“TERM.
The term of this Agreement, as amended effective August 1, 2009,
shall commence on June 1, 2007 and end on July 31, 2012,
and shall be automatically renewed for consecutive one-year periods
thereafter unless (a) terminated by the Employee on 120 days
written notice prior to the expiration of the initial term hereof,
(b) terminated by either party on 120 days written notice prior to
the expiration of the second year hereof or any year thereafter or
(c) sooner terminated as otherwise provided
herein.”
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COMPENSATION . Employee is awarded as additional base
compensation a Restricted Stock Award of 225,000 shares vesting in
six semi-annual installments through July 31, 2012, and pursuant to
the terms set forth in the Restricted Stock Award attached to this
Amendment, 225,000 options vesting in twelve quarterly installments
through July 31, 2012, and an annual salary of
$150,000. Effective August 1, 2009, Section 3(a) of the
Agreement is hereby amended to read as follows:
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“(a) Base
Compensation. In consideration for the services rendered
by the Employee under this Agreement as amended effective August 1,
2009, the Company shall deliver to the Employee as base
compensation a total of Two Hundred Twenty Five
Thousand (225,000) shares
of the common stock of Global Gold Corporation pursuant to the
terms of the Restricted Stock Award attached hereto as Exhibit A,
(the “Restricted Stock Award”). In addition
to the foregoing, the Company shall pay to the Employee, as base
compensation, the sum of $150,000 for each 12-month period
commencing on and after August 1st, 2009 during the term of this
Agreement, payable in equal monthly installments on the 15
th day of each month. In addition and
pursuant the decision of the Compensation Committee, Employee shall
be awarded stock options to acquire Two Hundred Twenty Five
Thousand (225,000) shares of common stock of Company at the rate of
75,000 per year vesting in twelve quarterly installments through
July 31, 2012 (totaling 225,000) all in accordance with the terms
and conditions above. “
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SURVIVAL OF
AGREEMENT. This Amendment is limited as
specified above and shall not constitute a modification or waiver
of any other provision of the Agreement except as required by terms
agreed here. Except as specifically amended by this
Amendment the Agreement terms shall remain in full force and effect
and all of its terms are hereby ratified and confirmed.
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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of
the
date first
above written.
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By
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Van Z.
Krikorian
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Jan
Dulman
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EXHIBIT A
Global Gold
Corporation
45 East Putnam
Avenue
Greenwich, CT
06830
August 11, 2009
Re:
Restricted Stock Award
As
consideration for your employment agreement, as amended effective
August 1, 2009, with Global Gold Corporation (the
“Corporation”) and
as an inducement for your rendering of services to
the Corporation, we hereby grant you Two Hundred Twenty Five
Thousand (225,000) shares of the Common Stock of Global Gold
Corporation, evidenced by a certificate of shares of our common
stock, $.001 par value per share (the "Shares"), subject to
applicable securities law restrictions and the terms and conditions
set forth herein:
1. For
the first six month period commencing August 1, 2009 within which
you render the services provided herein, you shall become fully
vested in one sixth of the total Shares granted
hereunder. For the next six month periods thereafter
commencing on February 1, 2010 through July 31, 2010, you shall
become fully vested in an additional one sixth of the total Shares
granted hereunder. Thus, if you complete six,
twelve,
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